BAYC NFT's floor price plummets

The Bored Ape Yacht Club (BAYC) collectible is one of the most sought-after collectibles in the NFT space, with prices typically reaching seven figures during bull cycles. However, the recent market crash has also affected the NFT space, causing the floor price of BAYC NFTs to continue to fall. At the time of writing, the lowest price of BAYC NFTs on the secondary market fell below $100,000 for the first time since August 2021. In dollar terms, the cost of entry-level BAYC NFTs has dropped by nearly 78% in less than two months, while its ETH price has halved in the same period.

BTC sinks into bearish territory

BTC sinks into bearish territory

On Tuesday, the digital asset continued to struggle amid heightened volatility across the cryptocurrency market. The news of Celsius’ liquidity crunch and the bombardment of margin calls by large lenders in the space has rattled investors, leading to continued escalation of liquidity concerns in the crypto market. At the time of writing, BTC has lost 6.8% of its market cap in the past 24 hours and is consolidating near $21,000. The largest cryptocurrency by market cap has fallen into bearish territory with major resistance near $22,100.

Likewise, ETH is down 8% over the same period and is currently struggling to defend its $1,100 position. Upside for the second-largest cryptocurrency by market cap remains limited as a bearish trend line has formed and resistance is near $1,240. If ETH fails to break this resistance zone, it could slide into the $1,000 support area. Most major non-mainstream coins are also in deep losses, with TRX continuing to suffer double-digit percentage losses due to the recent decoupling of USDD. Meanwhile, a new wave of redemptions has caused Tether’s free-float supply to slide below $70 billion for the first time since October 2021.